Zambian Boy Wins Place in presitigious South Korean University
Wednesday, November 18, 2009, 9:52
Kent Kamasumba, a 20-year-old from Zambia, is delighted to have been admitted to Seoul National University’s Department of Agricultural Economics and Rural Development in October, only seven months after he left his home to come to Korea. Kamasumba is the first student from Jirisan High School, a small country school of 53 pupils in Sancheong, South Gyeongsang Province, to enter Korea’s most prestigious university. "My dream is to become president of Zambia."
Jirisan High School admits bright students in poor and developing countries through recommendations from Korean missionaries and associations there. If these students perform well in their studies, the school pays for their tuition and living expenses throughout university up to doctoral studies on one condition — they must return to and work for their countries after completing their studies.
Kamasumba lost his father at a young age and had to rely on his relatives because his mother remarried and could not afford to look after him. “Often I had just one meal a day,” he recalls. In February this year, he graduated from a high school in Lusaka, the Zambian capital. A Korean missionary who had noticed Kamasumba’s qualities recommended him to Jirisan High School.
Park Hae-sung, the school’s principal, says, “We select students based on two criteria only — whether they have a strong desire to study, and whether they’re really from a poor family. We have produced 40 graduates, and all of them went to university.”
Kamasumba took classes in English for three foreign students and studied Korean in the school’s library after class. Living in a dormitory and participating in volunteer work after school, Kamasumba befriended his Korean classmates with ease.
“Once I graduate from university, I’m going to go back to Zambia and contribute to my country’s economic development,” he says. “My dream is to become president of Zambia.”
What he fears most for the time being is Korea’s cold winter. The first snow on Mt. Jiri will be the first snow he has ever seen.
[The Chosun Ilbo]
(See original article here)
Labels: KENT KAMASUMBA, KOREA
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Denison Mine to sell 19.9 per cent shares
Written by Nchima Nchito Jr
Friday, April 17, 2009 2:21:53 PM
DENISON Mine has revealed intentions to sell 19.9 per cent
shareholding in the company to Korea Electric Power Corporation (KEPCO) in a bid to strengthen its balance sheet.
Denison Mine owns the Mutanga mine project in the South of Zambia formerly called the Kariba Uranium Project.
Capital expenditures for the project are estimated to be over $100 million with a yearly operating cost reaching $40 million.
According to mining weekly, Denison was hoping to raise C$94.9 million (US $77 million) through the offer should it prove successful.
Denison, which said last month it was investigating a number of options to avoid being in breach of a debt covenant by year-end, expects that an agreement with the Korean utility would mean the company stays within the terms of the earnings covenant with its banker.
The company further stated that it planned to use the proceeds for debt repayment and project development, but the “majority” of the funds raised would be used to pay down the company's revolving credit facility.
Recently, there had been speculation that the company may need to sell assets to reduce its debt load.
But company president Ron Hochstein said the proposed agreement with Kepco would likely mean Denison avoids breaching the debt covenant.
“We haven't run all the numbers yet, but we expect that it should resolve the situation,” said Hochstein.
A memorandum of understanding has been signed between the parties, which includes proposals for an off-take agreement for Kepco to buy 20 per cent of Denison's yellowcake production from 2010, and a private placement of about 58-million Denison shares to Kepco, which would give it a 19.9 per cent stake in the Canadian company once the transaction is completed.
If the transaction is completed, Kepco will have the right to appoint two directors to Denison's board, and a right of first offer to buy up to 20 per cent of any assets Denison acquires with a partner or sells.
Entities nominated by Denison chairperson Lukas Lundin would also buy another 15-million shares, for C$19.5 million (about U.S $15 million).
Labels: DENISON MINE, KEPCO, KOREA, MUTANGA MINE
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RB asks Korean Investors to invest in the troubled NCZ
January 22, 2009
President Rupiah Banda has appealed to the republic of Korea to consider investing in the troubled Nitrogen Chemicals of Zambia (NCZ). Mr. Banda says he is aware that Korea has the appropriate advanced technology to rehabilitate the fertiliser plant.
He says agriculture is critical to the economic development of Zambia and a recapitalized NCZ can provide cheaper fertiliser for peasant farmers.
The President was speaking at state House on Thursday, when he received letters of credence from Korea’s Ambasador designate to Zambia, Oh Jae-Hack.
And Mr. Banda said he is happy, the Korean resources Corporation- KORES has begun to partner with Zambian Miners.
The President called for more partnerships to enhance mining activity in the country.
He also commended the Korean government for its continued assistance to Zambia in mitigating the effects of floods in some parts of the country.
And Presenting his letters of credence, Ambassador OH said Zambia stands out as one of Africa’s most successful examples of political stability and sound economic development.
He said his government is looking forward to working closely with the Zambian government in its efforts to further achieve economic development by sharing development experiences of the two countries.
Ambassodor Jae-Hack said it is gratifying to note that the bilateral relations between the two countries have continued to grow, since the establishment of diplomatic ties in 1990.
Meanwhile, President Banda has appointed and sworn in Simon Kachimba, a former miner, as new Labor and Social Security Deputy Minister.
He urged Mr. Kachimba to help resolve the challenges of job losses, especially in the mining sector, where some companies are threatened with closures, following reductions in copper prices on the world market.
President Banda expressed confidence in the newly appointed deputy minister, adding that he is qualified and well placed for job to deal with the challenges the country is faced with in the labor sector.
ENDS/CM/PK/ZANIS/
Labels: KOREA, NCZ, RUPIAH BANDA
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Rupiah asks Korea to help rehabilitate NCZ
Written by Lambwe Kachali
Friday, January 23, 2009 7:09:20 AM
PRESIDENT Rupiah Banda yesterday appealed to the Republic of Korea to help rehabilitate Nitrogen Chemicals of Zambia (NCZ). And Korean Ambassador to Zambia OH Jae-Hack described Zambia as Africa’s most successful example of political stability and sound economic development.
Speaking when he received letters of credence from Ambassador OH and Russian Ambassador to Zambia Boris Malakhov, President Banda said the government was keen to encourage development of joint venture business in every sector of the economy.
President Banda said he was pleased to note that Korean Resources Corporation (KORES) had begun to partner with Zambian miners as a means of enhancing cooperation in the sector through exploration, prospecting and mining.
He said he looked forward to seeing partnerships so that the mining sector could become accessible to more Zambian mining business houses.
“However, I would like to make an appeal to your government to consider investing in the agricultural sector, which is critical to the economic development of Zambia. In particular, my government wishes to rehabilitate our only fertiliser plant, the Nitrogen Chemicals of Zambia which is vital for the provision of cheaper fertiliser to peasant farmers throughout the country,” President Banda said. “I am aware that Korea has the appropriate advanced technology to rehabilitate this plant and I wish to appeal to your government to consider this strategic plant as a viable project.”
President Banda also said he was eager to help remove the sources of conflict in the southern African region so that other countries could enjoy peace like Zambia.
“My government has therefore, pledged to play a proactive role in peace building and conflict resolution in the region through diplomacy,” President Banda said.
To Ambassador Malakhov, President Banda expressed gratitude to the Russian government for offering training programme to Zambians.
“Many of the Zambians who have been trained in Russia in various fields now hold prominent positions in this country and are able to influence the direction of development in a positive manner,” President Banda said.
And Ambassador OH said Korea looked forward to working with Zambia in its efforts to further achieve economic development by sharing developmental experiences.
Ambassador Malakhov said Russia appreciated the role Zambia was playing in promoting peace and stability in Africa.
“Having been on diplomatic services for more than thirty years, I was assigned in many countries and visited quite a number of African States as a member of foreign minister’s delegation. But this is for the first time when I am an Ambassador to one of the most friendly and beautiful African countries,” said Ambassador Malakhov.
President Banda also swore in Simon Kachimba as labour deputy minister.
Labels: KOREA, NCZ, RUPIAH BANDA
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COMMENT - A 'stimulus package' in the shape of more FDI.
State to unveil stimulus plan
By NKOLE CHITALA
GOVERNMENT will next year unveil a stimulus package that will help improve economic fundamentals and attract more foreign direct investment in the country.
Minister of Commerce, Trade and Industry, Felix Mutati, said this at a luncheon when he met a business delegation from Korea that is in the country to explore investment opportunities particularly in the energy and mining sectors. The Korean investors have expressed interest to invest in the energy and mining sectors.
Mr Mutati also said that the country had found itself at a critical juncture in terms of the global circumstances, saying there was need for a stimulus package to improve the fundamentals of the economy by attracting more investments in the country.
Mr Mutati said the slow-down in commodity and stock prices has had a negative effect on the Zambian economy hence the need for a remedial stimulus package.
“We find ourselves at a critical junction in terms of global circumstances, 10 days ago the G20 met and came up with conclusions that there was no option but to slow down the fall-out of the global economy and create a robust economic and financial regime, and in a number of situations indicated that the market disruptions has had a negative effect on the stock and commodity prices coming down.
“And we are seeing it in Zambia that pricing of stocks is coming down, so we are not exempt from the global effects,” he said.
“In 2009 we will be relentless in pursuing investment. We are going to work hard and consolidate existing investment and vigorously attract new investments,” he said.
He urged the Western world, including Korea, to take advantage of investment opportunities in emerging markets and also diversify investment if they have to have a good return.
“Our country remains attractive in terms of bringing investments here. The basic approach is diversification of investment and value addition using the role materials.”
He also urged the investors to create secondary industries to create more employment and make profits.
Labels: FDI, FELIX MUTATI, KOREA
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Chief Chizera gets Korean partnership for mines
By Business Reporter
CHIEF Chizera of Mufumbwe and the Korea Resource Corporation (Kores) have signed a partnership agreement for the development of copper and uranium mines in Mufumbwe and Solwezi respectively.
Chief Chizera of the Kaonde in North-Western Province is the only traditional ruler who has been given a full-scale mining licence and has since formed a company called Zamkor Mining Corporation where he is chairman.
The agreement signed yesterday would first be for exploration to last 18 months at a cost of US$ 2 million.
At the signing ceremony, Chief Chizera said he was happy to have found partners in the mining venture saying the undertaking would create jobs for his subjects.
He said his company had also applied for a uranium mine in Solwezi and the project would be funded by the same South Korean company.
Local Government and Housing Deputy Minister, Ben Tetamashimba who witnessed the signing ceremony said the Government would rally behind the chief to ensure that the project succeeded.
Mr Tetamashimba said the project had come at a right time because people in Mufumbwe wanted employment which would be provided by the mine.
“And it is good that you are going to employ locals as you have already assured the chief because Government is in support of job creation,” he said.
Mr Tetamashimba expressed confidence in the Kores’ capacity as investors especially that they had never had a record of mistreating workers. He urged the company to also look to other business options.
Kores president Lee Han-Ho said his company which is a department of the South Korean government would fund the exploration for copper.
He said the total investment outlay for the project would only be known after exploration was completed.
Labels: BENNY TETAMASHIMBA, CHIEFS, COPPER, KOREA, KORES, URANIUM
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